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Landec Corp Ca (LNDC) SEC Filing 10-Q Quarterly report for the period ending Sunday, August 30, 2020

Landec Corp Ca

CIK: 1005286 Ticker: LNDC
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact Information:
Investor Relations
Jeff Sonnek
(646) 277-1263
jeff.sonnek@icrinc.com

Landec Corporation Reports First Quarter Fiscal Year 2021 Results
Reiterates Fiscal 2021 Guidance

SANTA MARIA, CA – October 6, 2020 - Landec Corporation (Nasdaq: LNDC), a diversified health and wellness company with two operating businesses, Curation Foods, Inc. and Lifecore Biomedical, Inc., reported results for the fiscal 2021 first quarter ended August 30, 2020. Looking forward, Landec intends to create further stockholder value by delivering against its long-term financial targets, strengthening its balance sheet, selectively investing in innovation and growth, and implementing strategic priorities to improve operating margins at Curation Foods and driving topline growth at Lifecore
.
FISCAL FIRST QUARTER 2021 BUSINESS HIGHLIGHTS:
Revenues of $135.6 million, a planned decrease of 2.2% year-over-year
Gross profit of $16.3 million, an increase of 6.6% year-over-year
Net loss of $11.0 million, which includes $7.8 million of restructuring and other non-recurring charges, net of tax
Diluted net loss per share of $0.38; adjusted diluted net loss per share of $0.11, which excludes $0.27 per share of restructuring and other non-recurring charges, net of tax
Adjusted EBITDA of $3.1 million, which excludes $10.6 million of restructuring and other non-recurring charges
Completed the asset sale and exited the lease of its pre-operational salad dressing manufacturing facility based in Ontario, California for $4.9 million on August 7, 2020
Entered into a definitive agreement to sell the Company’s Hanover manufacturing facility and related assets for an aggregate purchase price of $8.7 million, which was subsequently completed on September 4, 2020
CEO COMMENTS:
“We are pleased with our strong performance in the fiscal first quarter which demonstrates the progress in our operational execution that is the product of our hard work in optimizing our business operations during fiscal 2020,” said Dr. Albert Bolles, Landec’s President and CEO. “Notably in the first quarter, year-over-year, while revenues decreased 2%, gross profit increased nearly 7% and adjusted EBITDA increased 890%. We remain committed to continuing to improve our balance sheet and maximizing value across our portfolio of businesses. We continue to be focused on generating profitable growth through operational excellence and innovation driven by customer and consumer insights. This starts with our Lifecore segment, where we are supporting its business development pipeline and advancing commercialization of key projects to drive consistent double-digit growth. Within our Curation Foods business, we are building upon the series of decisive actions associated with Project SWIFT that has improved the segment’s financial performance and we believe provides a foundation for profitable long-term growth.”



The following information was filed by Landec Corp Ca (LNDC) on Tuesday, October 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Landec Corp Ca's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
Business Segment Reporting
Business Segment Reporting (Tables)
Business Segment Reporting - Narrative (Details)
Business Segment Reporting - Operations By Business Segment (Details)
Business Segment Reporting - Sales By Geographic Area (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Long-Term Debt (Details)
Diluted Earnings Per Share
Diluted Earnings Per Share (Tables)
Diluted Earnings Per Share - Diluted Earnings Per Share (Details)
Diluted Earnings Per Share - Narrative (Details)
Income Taxes
Income Taxes (Details)
Investment In Non-Public Company
Investment In Non-Public Company (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (Policies)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies (Tables)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Allowance For Credit Loss Rollforward (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Assets Held For Sale (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Assumptions For Investment Used In Discounted Cash Flow Models (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Components Of Inventories (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Components Of Other Comprehensive Income (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Contract Assets And Liabilities (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Debt Issuance Cost (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Fair Value Measurements Additional Information (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Fair Value Of Assets And Liabilities (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Fair Value Reconciliation Of Level 3 (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Financial Instruments Additional Information (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Intangible Assets (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Legal Contingencies Additional Information (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Partial Self-Insurance On Employee Health And Workers Compensation Plans (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Related Party Transactions (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Restricted Cash (Details)
Organization, Basis Of Presentation, And Summary Of Significant Accounting Policies - Significant Unobservable Inputs Used In Discounted Cash Flow Models For Investment (Details)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Narrative (Details)
Restructuring Costs - Schedule Of Restructuring Related Activities (Details)
Stock-Based Compensation And Stockholders' Equity
Stock-Based Compensation And Stockholders' Equity (Tables)
Stock-Based Compensation And Stockholders' Equity - Narrative (Details)
Stock-Based Compensation And Stockholders' Equity - Summary Of Stock-Based Compensation By Income Statement Line Item (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: LNDC
CIK: 1005286
Form Type: 10-Q Quarterly Report
Accession Number: 0001005286-20-000020
Submitted to the SEC: Wed Oct 07 2020 3:53:56 PM EST
Accepted by the SEC: Wed Oct 07 2020
Period: Sunday, August 30, 2020
Industry: Canned Fruits Veg Preserves Jams And Jellies

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